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Tribune Co. Puts Historic Tribune Building On the Block

What You Should Have Read, June 25, 2008

The Chicago Tribune reports on its new owner Sam Zell's plan to put Tribune Tower, the neo-Gothic landmark that adorns Michigan Avenue near the Chicago River, on the market. The Chairman-CEO said this week he is exploring options for maximizing the value of the headquarters building, which houses the Chicago Tribune, as well as the Los Angeles Times' home, Times Mirror Square. Zell, a real estate magnate who engineered the $8.2 billion deal that took media giant Tribune Co. private in December, would use proceeds from a transaction to pay down debt -- if the price is right. "We are not rushing this process, and I can assure you we will not accept anything but full-market value for these assets," Zell said in a statement.